Line the bottom of a 9×13-inch pan with half of the ice cream sandwiches, cutting them to fit as needed.

Spread the jar of caramel topping over top of the ice cream sandwiches. Place in the freezer for 10 minutes.

Arrange the remaining ice cream sandwiches on top of the caramel layer, again cutting as needed to fit the pan. Spread the hot fudge over the ice cream sandwiches. Spread the Cool Whip on top. Place in the freezer until ready to serve.

Serve with chopped peanuts and maraschino cherries. The dessert can be stored in the freezer for up to 1 month.